Sharp Growth of Air Conditioner Market Projected in GCC Region

Infrastructure development projects including metros & airports, construction of new hotels & malls along with government initiatives to build world class infrastructures have led for the growth of air conditioner market in overall GCC countries.

Sharp Growth of Air Conditioner Market Projected in GCC Region

Air Conditioner Market is projected to grow at a CAGR of 7.3% during the coming years (2017-2023). Saudi Arabia and UAE are the key revenue generating countries in the entire GCC region. Centralized air conditioner market accounted for major revenue share in the overall market, with Saudi Arabia being the largest contributor.

Centralized air conditioner market is exhibited to maintain its dominance throughout the forecast period. Split air conditioner market has also captured key share in the overall GCC’s air conditioner market due to high demand from residential and light commercial applications. Also, VRF market is expanding in the region owing to high efficiency feature which helps to consume less energy and reduce the electricity bill.

Air conditioner market is expected to be the faster growing during the coming years by countries include Saudi Arabia, UAE, Qatar, Kuwait, Oman & Bahrain and end user segment such as residential, healthcare, commercial building & retails, hospitality, transportation and others.

Upcoming events such as Dubai Expo 2020 in UAE and FIFA World Cup 2022 in Qatar, infrastructure development activities and government initiatives towards providing housing units can also be some of the major drivers for growth in GCC air conditioner market.